6 Mar 2015
Brent oil rise to USD 61.00/barrel
FXStreet (Mumbai) - The Brent crude price rose to a high of USD 61.03/barrel on Friday as the geopolitical tensions middle east stoked concerns of supply.
Brent Crude: Stuck at 50-DMA
The gains were once again capped at the 50-DMA located at USD 61.03, as the traders eye U.S. rig counts and the outcome of Iran nuclear talks for further trading cues. Prices managed to strengthen today as tensions escalated in northeast Iraq, where the Islamic State militants have lit up oil wells to deter Shi'ite militiamen and Iraqi soldiers from advancing. In Libya, worsening security conditions have led to the closure of 11 oil fields.
Investors also eye US non-farm payrolls data due later today. A positive print could strengthen the USD and weigh over commodity prices.
Brent Crude Technical Levels
The futures currently trade 0.60% higher at USD 60.85/barrel. The immediate resistance is seen at 61.03 and 61.51 levels. On the other hand, a break below 60.52 (5-DMA), could send prices down to 60.00 levels.
Brent Crude: Stuck at 50-DMA
The gains were once again capped at the 50-DMA located at USD 61.03, as the traders eye U.S. rig counts and the outcome of Iran nuclear talks for further trading cues. Prices managed to strengthen today as tensions escalated in northeast Iraq, where the Islamic State militants have lit up oil wells to deter Shi'ite militiamen and Iraqi soldiers from advancing. In Libya, worsening security conditions have led to the closure of 11 oil fields.
Investors also eye US non-farm payrolls data due later today. A positive print could strengthen the USD and weigh over commodity prices.
Brent Crude Technical Levels
The futures currently trade 0.60% higher at USD 60.85/barrel. The immediate resistance is seen at 61.03 and 61.51 levels. On the other hand, a break below 60.52 (5-DMA), could send prices down to 60.00 levels.